Ford goes 'all in' on electric cars with $11 billion investment

Angelica Greene
January 16, 2018

Speaking at Auto Show on Sunday, Mr Ford said the focus would be on electrifying existing Ford models without naming any specific cars.

The company previously committed $4.5 billion in spending on electrified products by 2020 and said in October it would divert an additional $500 million from conventional products-including gasoline-powered products-over a five-year span.

Ford's team working on the new electric vehicles have declared their missions are to "think big" and "make quicker decisions" in the coming years.

He formed a new internal team, called "Team Edison", to oversee electric vehicle programs and he shifted one-third of internal combustion engine investments to electric cars, but the company is still investing more in the former than the latter. "If we want to be successful with electrification, we have to do it with vehicles that are already popular". As other automakers including Tesla, Chrysler, Volkswagen, and Nissan spend more and more on EV research, it may be that Ford is making a bid now to become one of the strongest market players in the future. The company has more than doubled the initial planned investment which will also cover the cost of developing dedicated electric vehicle architectures.

Astounding crash leaves auto hanging out of second storey United States building
The Santa Ana Police Department said that the driver was going at a very high rate of speed when they hit the center median. The crash also caused a small blaze that was quickly extinguished by fire crews.

Trade and defence on Israel's Netanyahu's mind on India trip
Thus, despite the bloated rhetoric by Rightwing elements on both sides, ties between Israel and India will remain transactional. He said the bilateral commerce between the two countries stood at $5 billion in 2016-17 which did not include defence trade.

2 bodies recovered from burning oil tanker in East…
The freighter has been taken to a port near Shanghai where investigators will start work on assessing the cause of the disaster. The body of a mariner suspected to be from the ship was recovered on Monday and sent to Shanghai for identification.

Ford is getting prepared for tougher pollution standards in countries all around the world, as China, UK, France, and Germany have already planned, or are planning, to ban the sale of conventional combustion engine vehicles.

"This $11bn you're seeing, that means we're all in now", he said.

Ford believed that the answer would be positive.

It represents a sizeable uptick in the company's commitment to EVs following the appointment of Jim Hackett as chief executive last May.

Other reports by GizPress

Discuss This Article